In this study, the processing and mechanical properties of porous metal matrix composites (MMCs) composed of spheroidal cast iron chips (GGG40) and bronze chips (CuSn10) and formed by hot isostatic pressing were investigated. Bronze chips (CuSn10) were used as a matrix component, and spheroidal cast iron (GGG40) chips were used as a reinforcement component. The MMCs were produced with different CuSn10 contents (90wt%, 80wt%, 70wt%, and 60wt%). The hot isostatic pressing process was performed under three different pressures and temperatures. The produced MMCs were characterized using density tests, Brinell hardness tests, and compression tests. In addition, the consolidation mechanism was investigated by X-ray diffraction (XRD) analysis and scanning electron microscopy. The test results were compared with those for bulk CuSn10 and bulk GGG40. Mechanical tests results revealed that the metallic chips can be recycled by using hot pressing and that the mechanical properties of the produced MMCs were similar to those of bulk CuSn10. XRD and microscopy studies showed that no intermetallic compounds formed between the metallic chips. The results showed that the CuSn10 and GGG40 chips were consolidated by mechanical interlocking.